Research Nester has released a report titled “Smart Food Label Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global smart food label market in terms of
market segmentation by label technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart food label market is segmented by label technology into RFID and sensing. The chemical segment, which is a sub-segment of the sensing segment is anticipated to grow with the largest market share by the end of 2028 owing to the wide utilization of chemical smart food labels as these labels have the ability to detect contamination of food for the presence of chemicals in the labels, which are also responsible for the change in color, thereby providing the consumer the knowledge on the condition of the food product. Moreover, these type of smart food labels are wisely accepted amongst manufacturers of the end user industries as they can be used in any forms of packaging.
The global smart food label market is anticipated to record a significant CAGR throughout the forecast period, i.e. 2020-2028. Increasing demand for perishable food products amongst consumers around the world, rising deployment of advanced technologies in the retail sector, growing IT infrastructure, technological advancements in labeling and rapid urbanization in several nations around the globe are some of the factors anticipated to promote significantly towards the growth of the global smart food label market.
Regionally, the global smart food label market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the nation being highly adaptive to advance technologies along with the presence of infrastructure to operate with smart food labels amongst the end users. Moreover, the market in North America is primarily driven by nations such as U.S. and Canada, where U.S. is anticipated to have the largest market share in the coming years. Apparently, U.K., Germany and France are the nations that are driving the growth of the market in Europe, backed by the rising urbanization in the region along with the presence of numerous food manufacturers who utilize smart food labelling technology.
Growing Consumer Awareness for Hygienic Packaged FoodsIncreasing demand for packaged and perishable food products backed by the wide consumer awareness for hygienic and safe packaged food products, coupled with panic stricken purchase of food products owing to the ongoing disease COVID-19 is raising the need amongst food manufacturers to increasingly use smart food labels so
as to enhance supply chain efficiency and minimize food wastage. Additionally, rising demand for smart packaging from end user industries, such as pharmaceutical, FMCG and others for effectively tracking the food products throughout the entire supply chain processes are some of the factors anticipated to drive the growth of the global smart food label market.
However, concerns regarding the high price of smart food labels in comparison to bar code labels, along with other factors such as lack of proper infrastructure to operate smart food labelling technology are some of the factors anticipated to limit the growth of the global smart food label market.
This report also provides the existing competitive scenario of some of the key players of the global smart food label market, which includes company profiling of Avery Dennison Corporation (NYSE: AVY), Label Insight, Inc., Thin Film Electronics ASA (OTCMKTS: TFECF), UWI Technology, AB&R® (American Barcode and RFID), Honeywell International Inc. (NYSE: HON), CCL Industries (TSE: CCL.B), Zebra Technologies Corp. (NASDAQ: ZBRA), The Consumer Brands Association and Food & Consumer Products of Canada (SmartLabel) and Qliktag Software Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart food label market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.